People adopted bitcoin for online payments
Bitcoin has been used to execute money transactions all around the world with great success. Many people prefer to accept money in bitcoin rather than through internet payment gateways. Payments on the bitcoin network are fast, easy, and safe.
The bitcoin network, according to studies, has a total volume of $60 trillion in transfers. 70% of the volume was moved in 2021, with the exception of the December transfer volume. According to this, the entire volume of bitcoin transfers in 2021 will reach $45 trillion.
The bitcoin network allows for lightning-fast transactions all around the world. The transaction fee is the only drawback with this form of transaction. Unlike litecoin, the bitcoin network has a rather high transaction cost. This is expected to be resolved with the Bitcoin taproot upgrade.
For online employment, I would prefer to be compensated in cryptocurrencies.
I think the low Bitcoin price will make more people happy to accept Bitcoin either for payment for selling goods, or for education fees etc. because people who accept Bitcoin have seen the value of Bitcoin in the future, Personally, I am reluctant to make payments, either to buy goods or services with Bitcoin, it means that I sell Bitcoin at a low price, and I prefer to use fiat money, or use PayPal .
Certain government officials like the mayors in Miami and New York are accepting their salary in bitcoins, are offering city employees the option of being paid in bitcoins, and are encouraging businesses to accept cryptocurrency and residents to get digital wallets.
In previous years I used to only sign in for online jobs that paid via PayPal. But these days, when it comes to my online work, I am happy to now have the option to accept payment in crypto or fiat currency.
I wonder if it will be adapted as fast as we think it will. The big problem is the loss of control from countries over the price of BTC, that's what worries the big banks, and of course as Oil puts a stop to other fuel and heating alternatives so do Banks to crypto.
Such congestion of Bitcoin blockchain made the fees to be outrageous indeed, even for lower transactions. I opted to use BTC last week for sending out funds to another wallet through Binance, the charges I saw, went bigger than what I'm sending out. That's one of the negative side of using BTC. What caused it, is the excessive demand of transaction processing in its blockchain, prompting miners to charge additional fees to process the coin.